The Central Bank of Nigeria ( CBN ) has opened the foreign exchange market with the injection of another $210,000,000 to sustain liquidity. Disclosing this to news men in Abuja on Tuesday, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor the sum of $100m was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million. The invisible segment (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million." The Acting Director noted that the releases to successful bidders which have since been concluded are part of effort aimed at further enhancing ease of doing business… Read more

The Naira on Tuesday exchanged at N364 to the dollar at the parallel market as the Monetary Policy Committee (MPC) meeting of the CBN holds benchmark interest rate at 14 per cent. The News Agency of Nigeria (NAN) reports that the MPC left the benchmark interest rate unchanged at 14 per cent, alongside other monetary policy parameters. The CBN Governor, Mr Godwin Emefiele, said reducing interest rates may reverse the gains achieved in exchange rate stability and inflation rate reduction.… Read more

Paul Okoye of Nigeria’s music group Psquare, suffered a loss after gambling with 300 U.S dollars (N107, 522) at the Aria Resort and Casino, Las Vegas in the United State. Paul,who “won’’ $0.25 only (89.61Kobo) from the gamble on Tuesday, took to his instagram handle @rudeboypsquare to express his displeasure about the loss. He said, “after spending $300 on #gambling…I won 25cents ndioshi !!! Oloshi !!! Barawo !!! #yahoomachine #scam #yahooplus more.’’ The Aria Resort and Casino is a luxury… Read more

The Naira on Monday remained stable at the parallel market, exchanging at N367 to a dollar, the News Agency of Nigeria (NAN) reports. The Nigerian currency maintained its Friday rate, while the Pound Sterling and the Euro traded at N478 and N433 respectively. Trading at the Bureau De Change segment saw the Naira closing at N363 to the dollar, while the Pound Sterling and the Euro traded at N478 and N433, respectively. The Naira appreciated at the investors’ window closing… Read more

The Central Bank of Nigeria (CBN) on Monday, intervened in inter-bank Foreign Exchange Market with the supply of 195 million dollars as part of effort to stabilise the market. The acting Director, Corporate Communications of the apex bank, Mr Isaac Okorafor, in a statement, said 100 million dollars was offered through the wholesale segment. He said that Small and Medium Enterprises (SMEs) segment received 50 million dollars, while tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got… Read more

The Naira on Monday appreciated against the dollar at the parallel market, the New Agency of Nigeria (NAN) reports. The Nigerian currency gained two points to exchange at N365 to the dollar, stronger than N367 it traded on Friday, while the pound sterling and the Euro closed at N465 and N410, respectively. At the Bureau De Change (BDC) segment, the Naira exchanged at N363 to the dollar, while the pound sterling and the Euro traded at N465 and N412, respectively.… Read more

The naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday. At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively. At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively. The naira was exchanged at N305.6 to the… Read more

The Naira on Monday appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency gained three points to exchange at N388 to the dollar, stronger than N391 it traded on Friday, while the pound sterling and the Euro closed at N495 and N425. At the Bureau De Change (BDC) window, the Naira was sold at N362 to the dollar, while the pound sterling and the Euro closed at N495 and N423. Trading… Read more

A plan by the Central Bank of Nigeria (CBN) to pump more dollars into the interbank foreign exchange (forex) market may shore up the value of the Naira against the dollar. The Naira appreciated marginally on all trading sessions at the interbank market, opening last week at N305.80/$1 and settling at N305.70/$1 at the end of the week. But the Nigerian Autonomous Foreign Exchange Rate Fixing rate published on the FMDQ website depreciated marginally last week, opening at N376.54/$1 on Tuesday… Read more

The naira firmed against the dollar at the parallel market on Tuesday, closing at N398 to the dollar. The News Agency of Nigeria (NAN) reports that the naira appreciated from the N410 it posted at the segment on Friday It was traded at N497 and N430 to the pound sterling and Euro, respectively, at the segment. At the Bureau De Change (BDC), the dollar was sold at N362 to the dollar, while the pound and the Euro closed at N495… Read more

The Minister of Transportation, Rotimi Amaechi has dismissed claims by the Rivers State Governor, Nyesom Wike that the $43million found in a luxury apartment in Ikoyi area of Lagos belongs to him. Ameachi in a statement in Abuja on Saturday by his media office said he is not the owner of the $43million and the Ikoyi apartment in which the money was recovered does not belong to him. The minister also challenged Wike to charge him to court if he… Read more

The Economic and Financial Crimes Commission (EFCC) on Wednesday recovered yet another huge sum of dollars, pounds and naira in a Lagos apartment. According to the EFCC, about $38m, N23m and £27,000 cash was found during a sting operation by its operatives from the Lagos Zone. N250m had earlier been recovered from the Balogun market in Lagos on Monday. See Video below of the counting of the money. Details later Read more

The Central Bank of Nigeria (CBN) in its bid to sustain foreign exchange liquidity said it would make a special intervention forex sales of 10,000 dollars to each of the 2991 licensed Bureau de Change (BDC) on Thursday. The Acting Director, Corporate Communications, CBN, Mr Isaac Okorafor said this in a statement on Wednesday in Abuja. According to him, the aim of the special intervention is to meet the upsurge of forex requests of low-end customers, which has been on… Read more